Real Estate Glossary L

Land Survey:
The legal written and/or mapped description of the location and dimensions of land.

Latent Defect:
A physical deficiency or construction fault in a property that is not visible or discoverable through a reasonable inspection.

Leasehold Improvements:
An addition or improvement made by a tenant to the leased premises.

Legal Use:
The use of land/property that meets the requirements and has been built with the proper permits as required by the municipality.

Lender:
A person or organization providing temporary use of money through loans and/or mortgages for the acquisition of real property, usually grouped under three categories: major direct lenders (banks, trust companies, loan companies, credit unions, life insurance companies, finance companies or provincial credit corporations), agent sources (mortgage brokers), and private investors.

Lender Holdback:
Funds not advanced by a lender until specific conditions or requirements are met by the borrower (e.g., re-inspection of the property, electrical service brought up to standard, certain work completed etc.).

Lien:
A financial claim permitted by statute to be registered against the title of a property for the payment of a debt.

Life Insurance on a Mortgage Loan:
Insurance that insures the life of the borrower (mortgagor) for the outstanding balance of the loan.

Listing:
A property for which the seller has entered into a written service agreement with a real estate brokerage to market his or her property for sale.

Loan to Value (LTV):
A percentage calculation that expresses the amount of the mortgage relative to the appraised value or sale price of the property, whichever is lower.

Electrical Safety

To most of us, electricity is simply flicking a switch or turning a dial to light up a room, cook supper or get instant entertainment. We take it for granted -- that is, until there's a power failure and we have to scramble to find flashlights, candles and matches in the dark.
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Seller Info

If you currently own property and are thinking of placing it on the market, get informed about preparing your home for sale, pricing your property appropriately, marketing it effectively and learn everything you can about sale process so you can maximize your chances. Read more...

REAL ESTATE TIPS

Familiarize yourself with the fundamentals of real estate before you invest in your first property.

Make sure your information is up to date. You have to know and be realistic about today's real estate market.

Location matters, so before you buy any real estate property, ensure that it's in a good location.

Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved.

Keep in mind, the commission is always negotiable upfront, before you sign a contract.

If you are working with agent, make it clear that you want the agent, not his/her assistants, to represent you.

Before you buy any real estate property, have it inspected by a professional home inspector.

If you are buying property with a partner, have a proper partnership agreement to protect both of you.

Make sure you read your listing or buyer’s agreement carefully before signing it.

Don’t skip the final walk-through to make sure that everything is done properly, and that the items you agreed should stay are still there.

Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy.”